Page 30 - Banking Finance April 2018

COVER STORY

CYBER

CRIME AND

BANKERS

LIABILITY

Introduction: Cyber risks represent the possibility that technologies,
processes and practices at the bank can be circumvented,
Bank's prime duty is to keep the customer information
allowing unauthorized users to modify and/or delete key
confidential and safe. Use of internet, digitization and
applications and information, which will affect the accuracy
virtualization has increased the cyber risk.Reserve bank of
or integrity of processing. Access or extract protected
India has come out with circular on customer protection,
or sensitive information (e.g., Intellectual property- IP,
limiting Liability of customers in Unauthorized Electronic
Proprietary Information, Credit Card Information, Personal
Banking Transactions.
identifiable information), Disrupt computer controlled
operations or access to online systems in prospect of cyber
Cyber crime can be monetary or non-monetary. Cyber crime
crime means theft of identity, data.Cyber threats are
is an offence committed to harm the reputation, financials
or bother mentally against individuals or groups or nations exploited by Unsophisticated attackers, Sophisticated
attackers, Organized crime, State sponsored attacks,
using networks. Cyber crime is a criminal activity using
Organized crime, etc.
computer and network.
About the author Emerging Trends of Cyber crime and its impact: Cyber
security requires more attention in financial sector. Now the
technology support is omnipresent, so the Infrastructure
Prabhat Singh Suman that support must be sophisticated. Technology is adopted
Union Bank of India by banks for end to end financial transactions. Now financial
Chief Manager (Faculty) transactions are processed on real time basis without
STC Bhubaneshwar human intervention. Users demanding faster, efficient,
easier and safe /secure way of transactions.

30 | 2018 | APRIL | BANKING FINANCE